French Lawmakers to Lower Crypto Tax By 6% Next Year

Good news for all French people, taxes on crypto-income will be lowered. Looks like the French Government wasn’t lying when they said they wanted to push innovation and blockchain.

France government is moving ahead with its vision for a European Union-wide digital tax, with the country’s Finance Minister Bruno Le Maire saying he wants the tax approved by the end of 2018.

The cut will bring Bitcoin capital gains down from 36.2% to 30%, which equals the other non-real estate assets’ flat capital gains tax.

This is a clear red line for the French government,” Le Maire told reporters in Brussels as he prepared to discuss the issue with his European counterparts.

“We are aware there are some technical issues … but these are technical concerns, not political problems, so we still have three or four weeks before the next Ecofin (a regular meeting between EU finance ministers) to fix those technical issues.”

The finance minister went on to say that he would spend “day and night” with Germany to find a compromise and to overcome the technical issues. According to the report, some member states think the tax would hurt smaller countries, or potentially some of the more traditional industries. Ireland and Netherlands think the EU should wait for an international approach so that it doesn’t look like it is anti-business.

Still, Le Maire said that to wait any longer would be “political failure.” He noted that a delay could raise the risk of individual countries that are in favor of the tax, including the U.K. and Spain, going ahead without the rest of the EU.

The final call, however, relies on the hand of the broader parliament to make it a law, if approved, the new tax will prevail starting January 2019.

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